Interscale Content Hub – It’s easy to forget about the IT risk assessment checklist, but it’s a great way to identify vulnerabilities, evaluate threats and come up with ways to deal with them.
The checklist covers things like cataloguing assets, identifying threats and vulnerabilities, assessing the potential impact of those threats, and implementing measures to mitigate or manage the risks.
The idea is to make sure we cover all the bases and give ourselves a clear plan for keeping IT security in good shape.
What is an IT Risk Assessment Checklist?
Simply put, an IT risk assessment checklist is a way of listing all the potential risks that could affect your company’s IT assets.
These assets include hardware, software, data, networks, and even your people.
The checklist helps you navigate the process of identifying, analysing, and prioritising these risks.
It doesn’t work the same for everyone. Every organisation is different, and its risk profile is shaped by things like its industry, size, location, and regulatory environment.
Your IT risk assessment checklist should be tailored to these specific factors and address the most relevant and pressing risks.
For instance, in Australia, the financial services sector might be more concerned about data privacy because of strict regulations like the Australian Privacy Principles (APPs), whereas a healthcare provider might focus more on protecting patient information to comply with the Health Records Act.
By tailoring the checklist to your specific context, you can make sure you’re focusing on the most critical threats.
If you want to get a good overview, please refer to “Ditch Fear, Embrace Facts: IT Risk Assessments Services to the Truth.”
Why is an IT Risk Assessment Checklist Important?
As we know, cybercrime is always at the top of the list when risk executives are asked about the biggest risks.
A McKinsey & Company survey report on “Risk and resilience priorities, as told by chief risk officers” shows that most executives (58 percent and increasing) now and in the coming three years see cybercrime as one of the top five risks.
And it’s no secret that cyber incidents can have a big impact on the bottom line and reputation, which is why it’s so important to have solid risk management practices in place.
The 2022-2023 Cyber Threat Report from the ACSC shows that Australian organisations reported an average cost of cybercrime per report, up 14 per cent. This includes:
- Small business: $46,000.
- Medium business: $97,200.
- Large business: $71,600.
Just stop and think for a moment about how many disruptions, financial losses, and damage to an organisation’s reputation there could be.
If companies identify and tackle potential IT risks, they can reduce the impact and keep their business running smoothly.
A good IT risk assessment checklist helps organisations to deal with these threats in advance.
It makes sure that any weaknesses are spotted and fixed before someone can take advantage of them, which reduces the chance of a successful attack.
What’s more, if you focus on risks based on how much they could impact your business, you can make sure you’re spending your resources where they’re needed most.
What Should be Included in an IT Risk Assessment Checklist?
According to the California Office of Information Security on “Information Security Risk Assessment Checklist: A High-Level Tool to Assist State Agencies with Risk Analysis,” the checklist should cover a few key areas to make sure you’re managing risks properly.
The first thing you need to do is identify all your IT assets, which includes hardware, software, data and networks.
Figuring out the value of these assets to the company is another important step we need to take.
This process makes sure that the most critical parts are given the highest priority when it comes to protection.
For instance, in the healthcare sector, patient records stored on a hospital’s database are really important and must be kept safe.
The next thing to do is identify any potential threats. This means understanding the different types of threats that could affect your IT assets, like cyber attacks, natural disasters, and human error.
We need to look closely at each asset to see what vulnerabilities it has.
This also means looking at things like old software, weak passwords and a lack of encryption.
Scanning for vulnerabilities regularly helps you spot weaknesses that could be exploited by potential threats.
Once we’ve identified the vulnerabilities, the next thing we need to do is look at the risks they pose.
This means looking at how likely it is that each threat will exploit a vulnerability and what impact it would have on the company. A risk matrix is a great way to prioritise these risks effectively.
It’d also be a good idea to come up with strategies to deal with the risks you’ve identified. And yes, implementing security controls, updating software, and training employees as part of the process of reducing the risk.
For instance, using multi-factor authentication can really cut down on the risk of unauthorized access.
Having an incident response plan in place is a big thing as it outlines the steps to be taken in the event of an IT incident.
This covers things like containment, eradication and recovery measures.
Absolutely. You should have a formal incident response policy that includes roles and responsibilities, communication protocols, and lessons learned from past incidents.
For more info on the matrix, kindly read “The IT Risk Assessment Matrix Made Easy (Even for Non-Techies).”
How to Create an Effective IT Risk Assessment Checklist?
Giving different departments a say is the best way to make sure everyone’s views are heard.
This team should include IT pros, risk managers, and folks from different business units.
One example of a thorough assessment is the collaboration between the Information Security Officer (ISO) and the Chief Information Officer (CIO).
Another big thing is making sure you know exactly what you’re assessing and why.
This means setting out what the assessment is going to cover and what it’s trying to achieve.
So, we need to make sure we have a full list of all the IT assets and any potential threats.
This covers physical hardware, software applications, data repositories, and network infrastructure.
When we say inventory, we also mean looking at each asset and figuring out how vulnerable it is and what the risks are.
This means using tools like vulnerability scanners and doing risk assessments to work out the risks.
A way of assessing and categorising risks based on how bad they could be and how likely they are to happen.
Having a plan in place to deal with the risks you’ve identified is another must-have step.
This also means putting security measures in place, updating policies, and training employees.
Also, think about how you should set out the details of your mitigation plans, including specific actions, timelines, and who is responsible for each one.
You’ve got to put the mitigation strategies into practice and test them regularly.
This helps to spot any holes in the plan and make sure the strategies are working.
And do not forget to review and update the IT risk assessment checklist regularly to make sure it’s still relevant and effective.
So, Please make sure you do a few periodic reassessments and updates to reflect any new threats, vulnerabilities, and changes in the IT environment.
How to Get an IT Risk Assessment Framework with a Good Support System?
If you’re looking for the perfect checklist, it should include all the essentials. Dealing with the constant changes in the cyber threat landscape can be tough.
That’s why we’ve created a whole range of cybersecurity services to help you identify, assess and reduce the risks to your valuable assets.
What does that mean for you?
We’ll work with you to create a plan that’s just right for your business.
We start by taking a close look at your company’s information assets and finding out where the biggest risks lie.
Next, we work with you to put together a solid cybersecurity plan that fits your business goals and risk appetite.
We’re also on hand 24/7 to monitor and manage your security systems, so we can spot and respond to threats as they happen.
For instance, we’re helping Davey Water Products identify and tackle some pretty major cybersecurity issues. This means they can keep their systems and data safe and secure.
We get it – you might want to do a few background checks on us before you get started. We also don’t want you to get hooked on all the marketing hype and end up with diabetes.
So, as an appetiser, please take a look at our Interscale Cybersecurity Support page.
And don’t hesitate to book an appointment with us. We’re here for you 24/7 to discuss your specific needs.
In Closing
By spotting, looking into and taking steps to deal with risks, you can protect yourself against cyber threats and keep your business running smoothly.
With the right partner, like Interscale, you can make this process easier, so your organisation’s cybersecurity stays strong and stable.
With Interscale, you can use a full IT risk assessment checklist to keep your digital assets safe and maintain a secure operational environment.
